Ethereum transactions as anonymity are evolving

An unknown user transferred 100,000 ETH (worth nearly $ 180 million) into an anonymous wallet. As the value of Ethereum continues to soar, these types of transactions have grown in popularity.

This is possibly the largest transaction ever made using Ethereum, a transaction worth $ 175,090,000 that was recently made. Fee charged for this transaction is $ 5.93. Lately there has been an increase in transactions with high volumes. In February, another anonymous user transferred $ 122 million XRP from their Coinbase account to an unknown wallet.

Both XRP and Ether are cryptocurrencies used to conduct daily high volume transactions. As of now, Ether holds the No. 2 spot by market cap, currently worth around $ 1,750 per coin. XRP looks solid in seventh place, with a value of $ 0.4476 per coin.

Unidentified wallet addresses are on the rise

Transferring large amounts of holdings to unknown wallets is growing in popularity. Although trading cryptocurrencies is anonymous, most exchanges (such as Coinbase and Kraken) still need a valid ID to own a digital wallet.

In fact, you can’t even sign up for an account without revealing personal information and deleting that information. Once the process is complete, your account will be active to trade, hold, buy or sell.

The high value of Ethereum is to be blamed

With Ethereum’s boom in value, anonymous transactions like this are likely to become the point of controversy. Many countries are opening meetings on crypto regulation. This is exactly the kind of stumbling block that regulators and legislators can point out. And it won’t be beautiful.

Ethereum’s circulating supply is no longer small. With 115,026,617 ETH in total circulation, 68.6% of its total supply is held in large accounts. Most of these hold more than 10,000 ETH, according to Santiment.

“When Ethereum rebounded above $ 1,685 today (March 7), the whale (which holds more than 10,000 ETH) now owns 68.6% of the total supply for the first time in 10 days. This is the highest% owned by whales since November 2017. Meanwhile, 10 to 10,000 sites own the lowest% since September 2017.”

Blockchain and NFT

Ethereum’s blockchain network was soon famous for its ease of creating and running smart contracts on its platform. This network is famous for decentralized applications (Dapps.) Dapps actually integrate ETH to pay the network fees that the platform itself provides.

The tokens are not limited to holding monetary value. They can be tied to a variety of assets, practically anything the developer chooses. These assets can include things like certificates of ownership, stocks, gold, digital artwork, and more. In addition, developers have become very creative in asset encryption and value-building, sometimes with wealth. Furthermore, tokens can be easily exchanged or traded on a peer-to-peer basis.

Five major exchanges hold 10% of Bitcoin’s entire supply

More than 1.96 million BTC, or about 10.6 percent of Bitcoin’s circulating supply is held on five major centralized exchanges, Coinbase, Huobi, Binance, OKEx, and Kraken, according to data published by Chain.info. .

Likely due to its custody services, Coinbase holds the most to date, with 944,904 BTC currently spread across approximately 4.39 million different wallet addresses.

Huobi is second with 323,665 BTC held in around 901,600 unique wallets, followed by Binance with 289,961 BTC on nearly 2.7 million addresses. OKEx has 276,184 BTC in 339,000 wallets, while Kraken holds 126,510 Bitcoins out of 672,000 addresses.

The next seven exchanges – Bitflyer, BIttrex, Bitfinex, Poloniex, Coincheck, Gate.io and Bitstamp – hold an additional 210,000 Bitcoins.

The data shows that many users still prefer to take the security risks associated with holding a significant portion of their coins on centralized exchanges despite the underlying decentralized nature of cryptocurrencies and the mantra “not your key, not your Bitcoin”.

The proportion of Bitcoin held by five centralized exchanges could actually go as high as more than 10%, with Chainalysis recently estimating that 3.7 million BTC has not moved in over 5 years potentially lost. . If that is true, then nearly 15% of Bitcoin’s supply is currently managed on five centralized platforms.